Business Briefly

Published: Wednesday, November 19, 2008

October's online sales growth slowest on record

NEW YORK - Online spending for October grew at the slowest pace since at least 2001, an Internet research company said Tuesday - the latest evidence that Web shopping is being dragged down by the deteriorating economy.

According to the comScore Inc. report, online spending increased a meager 1 percent last month from the year-ago period, marking the slowest sales pace for any month since the Chicago-based company began tracking the data seven years ago.

The results exclude business from auctions, autos and travel.

CEO: There are one too many' in Detroit Three

DETROIT - Two of the struggling Detroit Three automakers should combine and prove to the government they are worthy of a $25 billion rescue package being considered for them, Bank of America Chief Executive Kenneth Lewis said Tuesday.

"There are one too many" automakers, Lewis said, adding that he would require consolidation if he was deciding on a bailout.